Cove reviews drilling campaign offshore Mozambique

COVE ENERGY'S BELFORD Dolphin drillship has commenced a fully funded four well deep-water program in the Rovuma Offshore Area 1 Mozambique, in December 2009 and is currently drilling on the Windjammer prospect, the first to be evaluated in the drilling schedule. Anadarko Petroleum Corporation is the operator.

The Company expects to release further updates on its ongoing drilling and evaluation program in due course. It is the current intention of the Rovuma Offshore partners to release information on each of the planned four wells after the well has reached its total depth, unless otherwise agreed. 
As announced on December 7, 2009, further evaluation of the Mecupa 1 commitment well results in the Company's Rovuma Onshore Area, Mozambique, are ongoing. 
Proposals to further commercialise existing gas production in the Mnazi Bay gas production and exploration PSC and a plan to recommence exploration activities there are being formulated by the operator, Maurel & Prom, and will be presented to all partners during H1-2010.  
The Artumas Group had invested nearly US $200mn in its Tanzania and Mozambique assets prior to Cove's acquisition of its interests in them and the Directors remain optimistic regarding the current exploration programme and the Board's ability to realise potential value from these prospective hydrocarbon assets.

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